Japanese utility company teams up with Flotation Energy
Tokyo Electric Power Company (TEPCO) is Japan’s largest electricity utility; and one of the largest in the world. Its subsidiary, TEPCO Renewable Power, has a generating capacity of 9.9 GW of renewable energy in Japan. This is TEPCOs first major venture into offshore wind markets in the UK and overseas. Flotation Energy will become part of the TEPCO Group.
Flotation Energy is headquartered in Edinburgh, Scotland. The Flotation team is well known for pioneering floating offshore wind and energy transition projects. Its founders Allan MacAskill and Lord Nicol Stephen developed Kincardine, the world’s largest floating windfarm. The company is growing quickly, with the focus on delivering more than 12 GW of commercial scale fixed and floating offshore wind farms and has plans to expand into many more key markets. Flotation Energy is already a Joint Venture Partner in the UK Round 4 Morecambe Project; and White Cross 100 MW floating project in the Celtic Sea.
With TEPCO’s experience and its resources, Flotation Energy is in an even stronger position to help decarbonise countries around the globe.
Renewable energy is central to supporting the UK’s ambitions to lead the world in combatting climate change, reducing our reliance on fossil fuels and embracing a future where renewable energy powers our homes and businesses. This new venture will be at the heart of this energy transiton.
Lord Nicol Stephen, CEO & Co-founder of Flotation Energy, said:
“This is a very exciting development for Flotation Energy and recognises the strength and success of our world class team. We have pioneered the growth of floating wind across the globe and have a very significant pipeline of projects in the UK, Ireland, and Asia Pacific.
This new partnership between Scotland and Japan represents a major commitment by TEPCO. It will allow us to move forward quickly with our existing projects and to kick start new opportunities right around the world. Climate change is the biggest challenge facing our planet. A future of clean, green renewable energy has always been our goal.”
Masashi Nagasawa, TEPCO Renewable Power President said:
“We are very pleased and heartened to partner with Flotation Energy, which shares our mission to “deliver clean renewable energy and create a carbon neutral society” as we work together to further develop both companies.
“Flotation Energy’s experience and knowledge of the world’s biggest floating offshore wind development and their global network will vastly accelerate the development of our offshore wind business both domestically and internationally.
“Through our collaboration, we will realise our management philosophy of, “Harnessing the Natural Resources to Energy, and further Society” on a global scale.”
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